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BUSI 3250 Exam 3 Ch 12 & 13 Questions with Latest Update
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BUSI 3250 Exam 3 Ch 12 & 13 Questions with Latest Update
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BUSI 3250 Exam 3 Ch 12 & 13 Questionswith Latest Update
marketing to millennials: 5 paradoxical trends - Answer-1. amortality
2. shareconomy
3. cloaking
4. predictable consumer behavior
5. serendipity
amortality - Answer-anti-aging trends for millenials
shareconomy - Answer-also called shortcut society - MOOCs, uber, Airbnb, renting your
car to someone else
cloaking - Answer-creation of private pages or closed groups on social media sites such
as Facebook, de-sharing & un-selfies
predictable consumer behavior - Answer-analyzing data to improve marketing
serendipity - Answer-enjoying surprised through coincidental discovers on social
networks though surprise boxes of cosmetics & skin care products, monthly
subscriptions for dog items, makeup or clothes
environmental scanning - Answer-procedure in which the firm scans the world for
changes in the environmental forces that might affect it (broader than market screening)
ex: world threats & opportunities
market screening - Answer-modified version of environmental scanning in which the firm
identifies desirable markets by eliminating the less desirable ones
country screening - Answer-screening that uses countries as the basis for market
selection (narrowing down to a country or more)
segment screening - Answer-screening that uses market segments, a within-country
analysis of groups of consumers, as the basis for market selection
initial screening: basic needs potential - Answer-- influenced by climate, geography &
natural resources
- some needs easy to assess (industrial gods); others more difficult, especially when
they are desires (chocolate)
- data includes imports, local production
, second screening: financial & economic forces - Answer-- trends in inflation, currency
exchange, interest rates, credit availability, paying habits, rates of return on similar
investments
- market indicators include economic data used to measure relative market strength of
countries or geographic areas
- market factors include economic data that correlate highly with market demand for a
product
- trend analysis
- cluster analysis
trend analysis - Answer-statistical technique used to estimate future values by
successive observations of a variable at regular time intervals that suggest patterns
(using past information/data to predict the future)
cluster analysis - Answer-statistical technique that divides objects into groups based on
similarity, looking to group based on similar characteristics
ex: automotive industry or can look at consumer clusters
third screening: political & legal forces - Answer-- barriers to entry such as import/export
tariffs
- limits on foreign ownership
- limits on repatriation of earnings
- stable government policies (which differ from government stability)
products that you do not need to adapt or change, but can still be successful abroad -
Answer-industrial & luxury products
what % of products be successful abroad without changing anything? - Answer-~10%
marketing mix - Answer-a set of strategy decisions made about the product & its
promotion, pricing & distribution in order to satisfy the needs & desires of customers in a
target market
standardization - Answer-produces cost savings & consistent marketing (not as easy as
it sounds)
corporate visual identity (CVI) - Answer-includes a firm's name, logo, slogan, graphics,
color & typeface that help identify the firm to consumers & other interested constituents
total product - Answer-what the customer buys, including the physical product, brand
name, accessories, after-sales service, warranty, instructions for use, company image &
package (includes service)
components of the total product - Answer-all branch out from physical product:
- brand name
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